ABS-CBN Corporation on Thursday reported a 5 percent drop in net loss to P2.1 billion in the first six months this year from a net loss of P2.2 billion inthe same period last year.
Total consolidated revenue for the period amounted to P7.8 billion, an 11 percent decline from P8.8 billion last year.
Consolidated operating costs and expenses amounted to P10.2 billion, a reduction of 4 percent year-on-year. These were facilities-related expenses in its cable and broadband business.
Not one to dwell on setbacks with the loss of its franchise, ABS-CBN continued to pursue business relationships with local and foreign entities to ensure the maximum exposure and monetization of its content assets.
The company, for instance, partnered with Zoe Broadcasting that allowed its programs to be shown on television channel A2Z. Several ABS-CBN shows began airing on select time slots on TV5 in January 2021 and “It’s Showtime” program started airing on GMA Network’s second free-to-air channel, GTV in July last year.
The Group also began ramping up content sales, co-productions, and licensing its content and library to domestic and international clients.
In addition, the Group expanded its global reach by merging its own domestic and global OTT platforms into “iWantTFC.” It continues to use various third-party platforms like YouTube, Facebook, TikTok, and Instagram to maximize its reach and generate advertising.
These initiatives diversified the company’s revenue stream and generated P4.9 billion in content production and distribution revenue in the first six months this year. This was lower by three percent from P5.08 billion last year.
SkyCable, the company’s pay television and broadband unit, posted a total revenue of P2.8 billion, down by 23 percent from P3.7 billion last year.
